The truth behind Hockey’s magic number

Hockey’s planned budget cuts are predicated on a level of spending to GDP that his own side of politics has rarely hit.

In his speech to a Sydney audience on Thursday, Treasurer Hockey reminded Australia that spending growth was built into the budget he inherited from Labor, so that “[if] Commonwealth spending follows the same path as outlined in our most recent Budget statement ... spending as a share of GDP is projected to reach 26.5 per cent by 2024”.

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